The second level takes a deeper look at the areas introduced in Level 1, including asset allocation and institutional investors, private equity, real assets, commodities, hedge funds and managed futures, and structured products. CAIA recommend spending a minimum of 200 hours of study time for each level. An issue in comparing the Irish tax system to other economies is adjusting for the artificial inflation of Irish GDP by the base erosion and profit shifting (BEPS) tools of U.S. multinationals in Ireland.

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An issue in comparing the Irish tax system to other economies is adjusting for the artificial inflation of Irish GDP by the base erosion and profit shifting (BEPS) tools of U.S. multinationals in Ireland.

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